Accounting Software for Small Business

Archive for April, 2010

We have minimal small business experience and would like a software that will do most of the accounting-related tasks. We will need something both powerful and user friendly.

I have a small ebay business and am looking for a good accounting software to use. Basically for any given item I want to be able to track my costs (listing fees, paypal fee, final value fees, & postage) as well as the profits related to that item (sales price). I would like to be able to see this analysis on a individual item basis as well as on a time frame basis (i.e. all my listing fees for the month). I’ve heard quickbooks can be a good accounting software for small business, but i’m thinking it might even be more complex then what i’m looking for. Does anyone have any suggestions?
I’m almost thinking a job cost accounting system might work best. That way i could enter each type of cost as they are incurred. For example i don’t have to pay paypal fees until the item sells, sometimes i have to relist it several times before then, so i might have 3 listing fees before i have a paypal fee. I believe a job cost accounting system would let me do that, but i just dont know of any good accounting software out there that has this.

You need people to run a business unless you happen to be a one-man-industry. So, if you have employees, you have payments to make, taxes to deduct from the salaries and send the deducted money to the state exchequer. In case of larger establishments, these things are taken care of by the professionals, who are experts in the area, which takes the accounting load off the higher management.

But if you own a small business, you need to take care of the payroll all by yourself. The old paper system, quite obviously, is too cumbersome and time consuming to fit today’s business needs. Therefore, what you need is an efficient payroll accounting software.

A small-business payroll software manages payroll and taxes in a small business establishment. Now, you may be in a fix as to whether or not your establishment is a small business. The answer is quite simple. If you have less than 500 employees, your business is small business for the purpose of getting an accounting software. In other words, irrespective of how much revenue it generates or the amount of profit you might be making, if you have less than 500 employees, you just need a payroll accounting software designed for small businesses.

The tedious tasks of figuring, documenting and executing a payroll is made easy by payroll accounting software whether it is on monthly, biweekly or weekly basis. So far as the cost of the software is concerned, it depends upon the number of employees and the duration of payment. Other than that, the state where your company is located together with the tax procedure followed also matter. These factors influence the features in the software, which, in turn, affects their prices.

Executing payroll is a complicated process and involves skilled manpower. That’s the reason why even small businesses have to have full time employees specifically for this purpose. A payroll accounting software reduces the necessity of the payroll executors and makes the whole exercise far smoother, faster and accurate. What is further heartening is the fact that these software are constantly evolving and are getting faster, friendlier and more accurate.

While choosing a payroll accounting software you must also keep in mind the growing needs of the company. So, get a software that is flexible enough to accommodate a reasonable amount of work expansion. It is also advisable to purchase the software that comes with an assurance of an up-gradation later in time. The best deal is the one that give you the most for the least.

i have to maintain — purchase register, sales register, stock register, day book, ledger, cash book, bank book etc

Wal-Mart’s Business Plan

“Let the American taxpayer fund our expenses”

Wal-Mart is the second coming of the 1920 Robber Barons

Wal-Mart Is The Ultimate Predator

It has destroyed 100,000 small businesses, is breaking the union movement, has shipped massive amounts of jobs overseas, and has the news media in it’s pocket. They are a version of the Pullman Company, but much more dangerous.

Wal-Mart’s Lives On It’s Facade

The image of “Sam Walton was just a good old boy” and “Wal-Mart is just a warehouse” is total propaganda. Wal-Mart is peddling the same nonsense the Bolsheviks/Communists used in talking the Russians into destroying their country. Wal-Mart wants you to believe that the company’s efficiency, and size, are responsible for the low prices, but that is total BS.

Wal-Mart’s price advantage

Third World Countries

This girl makes $1.20 an hour. She replaced a Tennessee housewife that made $14.40 an hour, plus health insurance benefits. The housewife paid taxes which paid for local schools.

You may be buying a $25 item for $20, but it is slowly wrecking your economy, and eventually you will be paying full price. Nike shoes pulled the identical scam, when it gave you $22 sneakers for $12, but as soon as they bankrupted their competitors, you were paying full price.

A Look At Wal-Mart’s Costs

Wal-Mart does $260 billion in annual sales, and $180 billion of it is the cost of merchandise, and the rest is land, buildings, advertising, etc. Wal-Mart employs a staff of attorneys and accountants, whose sole function is to shift expenses to the Federal, State and local governments aka the tax payer. States pick up health insurance, unemployment taxes, real estate taxes, electrical, bond financing,etc.

They will negotiate a special fee from their electric power supplier, and guess who picks up the tab.

Outsourcing To The Third World Is A Giant Swindle

Income Taxes

Most of Wal-Mart’s $180 billion in merchandise is not made in America. 60% is from out of the country. Their suppliers may be in America, but the merchandise, or major components, are made offshore. Not only does a supplier get cheaper labor, but there are income tax considerations and lax accounting practices. When you trans-ship a product through a ‘No income tax country’, you inflate the bill and pay less income tax in the US.

The trans-shipping swindle

Made in China Inc Tax
Made in America Inc Tax

Pair of sneakers’ cost $ 6.00 Pair of sneakers’ cost $25.00
Sold to Cayman Corp $40.00 Sold to US Store $50.00 $3.50

Sold to an US store $50.00
Sold to customer $75.00 $1.50

Sold to customer $75.00 $1.50

======= =======
$1.50 $5.00
Their Federal Income tax on the sneakers is $1.50 instead of $5.00.

Nike, which could be considered to be a “baby Wal-Mart”, with it’s Chinese factories, should show a profit of $9 billion on sales of $13 billion, but strangely it only shows a profit of $1.5 billion. China not only provides cheap prices, but enormous opportunities for scamming thanks to trans-shipping and no accounting regulations.

The Consumer Swindle

When the pair of sneakers leave China, it costs $4.00, but once it enters the ‘Sea of Trans-Shipping’, and the ‘Land of Mystery Expenses’, the cost skyrockets to $50.00.

Employee Taxes

Chinese worker
American worker

Base Wage $ 1.20 Base Wage $14.60 = $ 30,300
F.I.C.A. $ .91 = $ 1,800
Medicare $ .18 = $ 363
Fed Unemployment tax $ .73 = $ 350
State Unemployment tax $ .92 = $ 800
Paid Vacation $ $ 1,680
State Income tax $ 1,500
Health Ins $ $ 8,000
Annual cost $ 2,500 Annual cost $ 42,000

By outsourcing the production to China, you have avoided $5,250 in taxes that pay for schools, unemployment, Social Security, Medicare and public services.

Typical Mayor

Typical incentives Wal-Mart gets

States and political hacks prostrate themselves to get Wal-Mart stores in their areas. They will forego 10 years of state income taxes, five years of property taxes, build the infrastructure (roads and power).

Why will local politicians go along?

A super center can cost $20,000,000, and the average skim is 10%. Whose family owns the land Wal-Mart builds on? You have the general contractor who hires favored subcontractors, and there is lots of room for ghost employees and service contracts. There is the always the next election. The same newspapers, that overlook Wal-Mart’s predatory practices, can quickly destroy a political career.

Governors Agree…… “What’s good for Wal-Mart is good for my state”.

Wal-M

My husband have a Small Business. We want to hold a Grand Opening. Need Help.?
My husband and I would like to own a Grand Opening for our business but I do not know where to start. I thought possibly offering hotdogs and a coke for the customers…

Need Idea To Start a Small Business?
hi , im an indian and my friend from hungary and we both want to start a smalll business and we both are not rich. . what whould be the best business. . . please help us if you interest consequently email…

Planning a Small Business. 3 Way Partnership. Income division plans?
I am currently in the impulsive planning stages of opening a tape studio. One guy has the skills and resume, one guy have the property and I have the money. What would be a appropriate way of splitting up the income?

Rephrase. I’m military, overseas. My billing address is my duty location. What do I use for billing.?
I’m attempting to purchase Web Hosting Service from Yahoo! Small Business and I’m unable to because here isn’t an APO option for military/DoD personnel. Please provide any info to sustain out.

sep for Small Business?
OK, a question something like sep ira. My girlfriend does some law work on the side. She spoke to her accountant. he say she can get a sep. even though she does not hold a small business. or is incorporated. or anything. is this correct?…

sep for Small Business?
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Sex/Small Business Conflict?
My fiance just started a full-time post and runs a business at home. Just as he started his full-time job, his clients adjectives came at once thru his home business. He’s busy! We argued this: I voice , the benefit of having your own business is U trademark…

South African Based Small Business Entrepreneur?
I am a South African small business entrepreneur who needs to pile it on globally minus having to settle. Is it possible? is this site international? Please advise

Starting a Small Business contained by Florida?
I’m in the process of starting up my own clothing company within Florida. I will purchase blank apparel, print my designs on them, and resell them to stores or boutiques. What do I need to do to register my business, apply for taxes, and…

Starting a Small Business near a friend…?
We need philosophy for a business. One idea is to create a publishing company. Business cards, banner, news packages, ect ect. Does anyone have any other design?

VA Small Business Loan?
My boss is getting ready to close shop … I want to and stipulation to keep it start on … only chance . VA loan … where do I shift what website , etc etc or what office contained by my area … no clue here …

What do I involve to do to start an online business?
I want to start an online business providing document services and printing needs to small businesses. I know who I want to host my website (Yahoo! Small Business works the best for me and is affordable) and I can…

What is a fitting means of access to bring my business past its sell-by date the ground?
I am working full time (which I hate) and I am a Small Business Management/Entrepreneurship major at Thomas Edison State College. I am attempting to start my own business from home making inventive photo…

What would I obligation to find a Small Business Loan?
What do banks usually ask for? My credit is faily unmarked, does this matter?

Where can I find souk research that will support me want what business to start?
Is my local chamber of commerce a good start? What going on for the Small Business Association?

Party Plan Small Business Investor for Inventory?
So, I work as a distributor for a part plan company call Pure Romance. This is a great business, but it is hard to start next to very little stock. It is better to own a large inventory to go from. It saves surrounded…

Promotional Ideas for Small Business?
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Why is my SBA loan taking so long to be approved?
I submitted my loan application to the Small Business Administration one month ago and I still have to answer on approval. Apparently the application is still surrounded by underwriting. How long does this process lug!?

Why plentiful accounting software do not include labour lay down?
I found that many accounting system do not include confinement order. These such as Quickbooks, MYOB, Microsoft’s Small Business Accounting, etc. They single offer Quote, Sales Order and Invoice, but transport order is missing. How we could invoice customer minus a…

Yahoo! Small Business Question? Really inevitability some comfort here!?
What is the difference between webhosting and e-commerce. I’m so confused it’s unreal! How much does it all cost? Do I compensate the webhosting fee and the ecommerce duty?? HELP!?!?!

Are in attendance actual legal small business loans out in that that are offered?
I see plentifully of advertisement for Small Business loans. But are here any out near that are inwardly conquer of obtain?

Are server-side includes (SSI) available for Yahoo Small Business Hosting accounts?
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Australia Small Business?
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Best site for Small Business Grants for women?
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Does anyone know how to make Joanna L. Krotz/Muse2Muse within NY,NY— I read a Letter in the region of a sale letter/?
I read a letter she wrote for Microsoft Small Business Center–I’d resembling to read more of her articles–I own an internet business that wishes HELP…She works for Muse2MuseProductions within…

Help near Yahoo Small Business Web hosting?
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How Marketing Research involve surrounded by any Small Business and Nonprofit Organizations?
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I call for a Small Business Checking Account, that requires a low minimum symmetry?
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More small business questions please visit : Small-business-FAQ.com

Fortune 500 companies have been off shoring the financial and accounting business processes (BPO) to countries like India, Philippians, China, etc. These companies have big budgets and a big team of consultants who analyzes the total cost and ROI of sending their financial and accounting work to the service providers in offshore locations. Though smaller companies have started off shoring their financial and accounting work to offshore locations but like big corporations small businesses do not have huge budget to hire consultants to identify the total cost of off shoring their financial and accounting work to offshore locations. But small businesses can still perform their due diligence in calculating total cost of their offshore engagement and gain critical knowledge in finding ROI of sending their financial and accounting work to offshore locations. In this report we will go through all of the hidden costs of offshoring financial and accounting business processes.

1. Different Costs of Offshoring Financial & Accounting Work

Small businesses mainly consider offshoring their work, they will consider only the hourly rate they need to pay to the offshore vendor for various accounting works like bookkeeping, accounts payable, accounts receivable, etc. There are several other additional hidden costs small business have to face in their offshore outsourcing engagement. Typically a small business goes through following offshore accounting work cycle in their offshore engagement:

• Selecting an offshore accounting vendor

• Sending the work to the offshore vendor

• Answering questions for the offshore vendor

• Receiving the finished work from the offshore vendor

• Verifying the finished work from the offshore vendor

• Monitoring the quality of the finished work from the offshore vendor

2. Cost of Selecting offshore accounting vendor

The cost associated with selecting an offshore accounting vendor will be small compared to other costs. Most of the time small businesses can find a qualified offshore accounting vendor simply by searching in Google or by contacting other small businesses those who are already using an offshore vendor, for detailed discussion on this topic read Offshore Accounting Success. This cost is the one time cost and it will be similar to selecting an onshore vendor.

3. Cost of sending the work to an offshore vendor

Small businesses must consider various types of cost like Scanner, High speed Internet, Backup Server, etc, to send their financial and account documents to an offshore vendor, but the good news is that it will be a one time investment and most of the small businesses will have these in place already. There are three different offshore accounting models you can use to send your accounting and financial work to the offshore vendors and for these you will incur following one time cost.

3.1. Scanner & Scanning software

Most of the accounting and financial data will be in your accounting software like QuickBooks, Peachtree etc, but there will be other documents like Bills, Checks, Invoices, Goods received notes, etc will be on paper and these should be digitized using a scanner and a scanning software to convert it into PDF documents which will be stored in your computer. Once the documents are in your computer then you can give access to the offshore vendor to view the PDF documents or they can retrieve it from your computer to perform their work in the offshore location.

Most of small businesses already have a scanner, if not a scanner (scanning software comes with the scanner) can be purchased for less than $1000.00. The cost of the scanner will go up based on the volume of accounting and financial documents to be scanned in a given day. It will be a one time cost for the small business and also by scanning all their paper based accounting documents; you can improve the efficiency of overall accounting process.

3.2. High speed Internet Connection Cost

You need to have high-speed Internet connection to send and receive the work to and from offshore location. Again all most all small businesses already have DSL/T1 Internet connection if not they can get a DSL Internet connection for $60-100/month.

3.3. Secure FTP software

If small businesses are using Application Service Provider (ASP) like Quickbooks online, cpaasp.com, etc, then it is possible for offshore vendors to directly access your accounting data directly from the ASP vendor. In this case there is no need to use secure FTP software.

3.4. Backup Server

Once small businesses start digitizing their accounting documents for their offshore vendors, they need to start planning for the backup server to backup all their accounting documents. Most of the small businesses will have this feature already, if not it is a good investment to have a backup server to backup all their accounting and financial data from their main computer to the backup server. For any business “Business continuity” is a vital task and the backup server will help the small businesses to recover all the accounting data in case of main computer failure.

3.5. Additional Accounting software License cost

Small businesses use various accounting software packages like QuickBooks, MYOB, Microsoft Office Accounting etc, for doing all their accounting and financial work. When they offshore the work the offshore vendor will use the same accounting software to do the work. It is very difficult for the small businesses to find an offshore vendor who already owns the licenses for all the accounting software. As described in the offshore accounting models if small businesses decides to use Remote Server or ASP then there is no additional cost for small businesses. On the other hand if the small businesses decided to use Secure File Transfer then small businesses needs to buy additional accounting software license for the offshore vendor to use. Small businesses will incur this cost even if they outsource the work to onshore vendors. This cost is truly soley based on the accounting software package used by the small businesses. Accounting software packages comes with various flavors types of software licenses like concurrent users, fixed number of users, CPU based, Network based etc., Some times small businesses can completely avoid this cost altogether.

4. Managing Financial & Accounting offshore vendor

Once you send your accounting and financial work to the offshore vendor, you need to constantly mange and monitor the quality of finished work that comes back from the vendor. Initially you may need a full-time person educating the offshore accountants and bookkeepers about your accounting process and preparing proper instructions for them to follow in their work. Once you and the offshore team are comfortable in the working relationship then all you need is to verify the work periodically. Basically you need to consider the offshore team as your virtual team and educate them in your accounting processes and procedures, once you are comfortable with their work your own employee(s) will spend less time with the offshore vendors.

5. Offshore vendor wage

For the accounting and financial work performed by the offshore vendor, small businesses will pay either an hourly rate or a monthly rate to the offshore vendor. This will be the actual direct cost small businesses will pay to the offshore vendor and all other costs are indirect cost of sending the work to offshore vendor. Typically the wage cost will be 50-70% less than the cost paid to the onshore accounting and financial vendor. For small businesses this cost savings is one of the major reasons to use the offshore vendor for their financial and accounting work.

Small businesses need to consider several costs in their financial and accounting offshore engagement. As shown in the table Small business F&A offshore outsourcing – Fixed Cost Vs Monthly Cost some of the costs are fixed and some of them are monthly expanses incurred by the small businesses. Among the monthly cost only the offshore vendor wage is the direct cost paid to the offshore vendor. While performing ROI analysis small businesses must consider all these costs to find the Total Cost of doing business with offshore vendors. As shown in the table, for certain items finding out the exact cost may not be possible and it is highly based on the individual small businesses and the type of accounting and financial work that has been sent to offshore locations. The total cost may not be a fixed amount and it can change from month to month. For example in some months there will be more questions from the offshore vendor in clarifications and in other months there will be less questions, this cost will vary from month to month.

I find myself in the unenviable position of having to run payroll, this afternoon, for all my employees. I have never run payroll before, nor do I have access to any software that runs payroll. I have a theoretical understanding of taxes and withholdings, but that is all. I know it is possible to run payroll without software, but googling leads me only to advertisements for payroll software. I really need a set of step by step instructions. I am in Colorado, which I am sure makes some kind of difference.

Some software include:
Adempiere
Compiere
LedgerSMB
phpCompta
phpOrganisation
Quasar Accounting
SQL Ledger
Tiny ERP
TurboCASH
osFinancials

Which of this is the best in terms of the easiest to learn, most popular and best for making reports such as balance sheets and cash flow statements.

Are these free software comparable to the retail software such as Simply Accounting and QuickBooks?
Quick Books vs. Microsoft Office Accounting?

Does MS Accounting have OS operational issues?

I am searching for a better solution for our company. I am trying to determine if it is ‘the norm’ (for small business) to utilize different applications to do each of these things (since the all-in-one applications that can handle everything appear to be much more expensive), resulting in a considerable amount on double entry. I’m just trying to confirm if this is actually what other small businesses are doing or not.